Media group Emap said today that it was on track to deliver against expectations with underlying group revenue down 1 per cent at £1 billion (€1.4 billion).
Pretax profit at the UK-based owner of magazines FHMand Graziawas down 13 per cent at £193 million - but in line with analyst expectations.
Interim chief executive Alun Cathcart said the group would increase its digital activities, invest in its growth assets and increase international exposure.
"We have responded to the tough trading conditions by implementing operational efficiency initiatives across the group, and these are on track to generate cost savings in excess of £20 million per annum from 2009," the group said.
Emap said it had seen strong growth in its business-to-business information products, women's weekly titles and some radio stations. It said weak areas remained men's and automotive titles
It also announced a strategic review of its Australian consumer magazines business and French exhibition business Agor.
The company announced last week that its chief executive, Tom Moloney, was standing down with immediate effect. Mr Cathcart has taken on his responsibilities until a replacement is found and analysts have speculated the group could become a bid target.